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House prices rise 6% in last year; average Dublin home costs 'nine times' the average income

House prices rise 6% in last year; average Dublin home costs 'nine times' the average income

House prices across the country have gone up by 6% in the last year.

A report from MyHome-dot-ie shows the average price of a 3-bed semi is now €268,000 - and €375,000 in Dublin.

Asking prices in the capital have increased by 2% since this time last year, but there's been a slowdown in the last few months.

Author of the report, Conall McCoille, explains what's behind it: "The slow down is due to Central Bank rules in Dublin

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"If you take the average house in Dublin, it's around nine times the average income.

"Ireland in general and particular in Dublin is not cheap any longer so by that stretched affordability and the Central Bank saying you can't take on dangerous levels of mortgage debt like you did in the Celtic Tiger period we're inevitably going to see a slowdown and we're beginning to see that now."

Digital Desk

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